THE PRESIDENCY: The White House Week: Oct. 18, 1926

¶ Senator Joseph T. Robinson of Arkansas, Democratic leader of the Senate, rushed to the White House with alarm on his lips. Cotton had dropped 40 to 50 points (TIME, Oct. 4), following the publication of the Department of Agriculture's estimate of a superabundant crop. Forthwith, President Coolidge announced that the Farm Labor Board would extend a $30,000,000 credit to co-operative marketing associations which had been hit by the slump in cotton prices. The next day, the President appointed Secretaries Mellon, Hoover, Jardine and Eugene Meyer Jr., Managing Director of the War...

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